July was another good month for Marlboro real estate. While 38 homes sold in July last year, 43 sold this year (+13%). Although he monthly median home price stayed the same, the average price increased 2% (from $542,944 last July to $553,881 this July).
Those are just the monthly numbers. The 4 key objective indicators we want to look at are Marlboro’s 2013 Year-to-Date statistics, which all are positive for home sellers:
Sales: 163 in 2012, 192 in 2013 (+18%)
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Listings: 169 in 2012, 150 at the end of July 2013 (-11%)
Median Sales Price: $443,000 in 2012, $470,000 in 2013 (+6%)
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Absorption Rate: 6.2 months in 2012, 4.8 months now (stronger Demand vs. Supply)
Increased sales and fewer homes on the market normally predict higher prices in the near future. The significantly stronger real estate absorption rate also predicts that sales prices will rise. If you remember my previous posts, you know that the absorption rate is a calculation of the time it would take to sell all of the homes currently on the market, assuming that homes continue to sell at the same rate as they did in the past 12 months. An absorption rate of 5 – 7 months is considered a “normal market”, and a rate less than 5 months is considered a “seller’s market”. If you’re thinking of selling a home in Marlboro, the current rate of 4.8 months should really make you smile!
Let’s see if these positive predictions turn out to be correct- we still haven’t seen the impact that higher mortgage rates may have on the market. Will we see an increase in home buyers trying to lock in the present rates before they rise again, or will rates increase more quickly than expected (and reduce the size of the home mortgages that buyers can afford)?
If you’ve been thinking of selling your home but still aren’t sure, I’d be glad to help you by giving you a free (no obligation) analysis of what your home is worth in the present real estate market. Call, text or email me.
Len
Leonard “Len” Dunikoski, GRI
REALTOR® Associate
Diane Turton Realtors – Rumson Office
8 West River Road
